The plain fact is that this company should be wound up and the...

The plain fact is that this company should be wound up and the capital returned to shareholders. This is the only way shareholders may realise the current premium to NTA and avoid further losses. I don't subscribe to the turnaround theory. This model, ingenious as it appears, has demonstrated that it needs highly skilful management. Maybe they got lucky in the early days. Those posters who believe that ALF will make a motza at the next market crash, obviously do not look at the regular (non) performance reports. It has been positioned neutral overall for some time. So a market crash in itself, will not produce a gain. The only hope is that the original mandate, i.e. long the market stars/short the duds works, but again, this depends on the manager's stock picking skills. I have lost faith in their ability. The excuse for the 4c capital return, viz. that shareholders expect a regular cash flow, is pathetic. Could they not sell a few shares to pay the milkman if they are that cash starved? And they can do another one if it suits them. So instead of death of a thousand cuts, the board , in my opinion, should go the whole deal. pargolf